Singapore welcomes its biggest IPO in eight years: GIC heavily bets on signaling economic recovery.

Singapore may be rediscovering the magic of the IPO market. The country's largest listing project in eight years, NTT DC REIT, saw its first day of trading rise by as much as 3%, a positive signal that investors' interest in quality assets is warming up. This data center real estate investment trust, with a size of 773 million US dollars, has received widespread popularity across all channels, with retail subscriptions nearly 10 times oversubscribed and institutional subscriptions four times oversubscribed. Of particular note is that Singapore's sovereign wealth fund, the Government of Singapore Investment Corporation, as a cornerstone investor, has invested over 1 billion US dollars, becoming the second largest shareholder - this is the fund's first participation in a local IPO in over a decade. For the Singapore Exchange, which has long lagged behind active markets like Hong Kong and India, this shot in the arm comes at just the right time. Last year, the SGX completed only 4 IPOs, with a total fundraising amount as low as 34 million US dollars.